The FOMC statement was released yesterday and showed optimism regarding the US economy. Members of the committee expressed belief that the economy is improving at a ‘solid’ pace and that the labour market conditions are advancing making the possibility of hiking interest rates during the first half of the year more likely. US markets finished lower.
Asian markets declined across the region. The Nikkei lost 1.06% despite the fact that the Dollar climbed against the Yen due to weaker than expected earnings.
European markets are mixed today.
Oil dropped to a 6 year low following an inventory report from the EIA. The report showed that supplies in the US climbed by 9million barrels over the past week, much above the expected increase of 4.2 million barrels. The stronger Dollar also affects the price so traders should focus on US data including Pending Home Sales later today.
Gold declined and reached a low of 1,264 following the FOMC statement. It is widely expected that interest rates will now be increased in June reducing the appeal of the safe haven asset. In addition, the metal moves inversely to the Dollar which is appreciating on the back of strong data.
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